Here are five reasons listing your home for sale this spring makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory has declined year over year for the last 32 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.
Historically, the average number of years a homeowner stayed in their home was six but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 45 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 4.8% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
5. It’s Time to Move on With Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.
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1. Your Home Has to be pretty as a picture! People will be seeing your home online before they ever set foot in it. So that means that your house will have to look its best when photos are taken. Every room needs to be at minimum neat and clean, but every detail does show up on camera. No piles of things that you are meaning to pack, or laundry waiting to be folded… Now is the time you want your home to look its company best. You will also want to make sure your home’s best features are included in the listing photos. Do you have a great backyard, or finished basement, or a deck made for entertaining… Let prospective buyers know about it!
2. And now that you’ve got your home looking gorgeous for the photos, you have to keep it looking that way! You never know when a buyer will come across those photos of your home and want to see it right away. You have to be in “ready to show” mode at all times, so no dishes left overnight in sink, or toys scattered around the house.
3. The first two weeks after listing bring in the most buyers, so price accordingly. Offer a fair price; buyers excited about seeing your “just listed” home may be more apt to making an offer on a home that is reasonably priced than one that is overpriced. Don’t start off high, thinking you can always bring the price down if you don’t get any results. You may miss out on that initial excitement and buyers will then see a home that has been lagging on the market and wonder why…
4. Clean out your closets! Everybody wants and needs more storage, so if your closets and cabinets are overflowing, it screams to buyers “This house does not have enough storage room!” This is the time to declutter. Donate, make a trip to the local consignment shop, or store off-site, but make sure buyers see neat, organized closets with plenty of room. You may even find yourself liking this pared-down living style!
5. Even in a Seller’s Market you may have to offer some buyer incentives. While many sellers are benefitting from the current market, some homes may be older, not quite as “nice” as others in the neighborhood, in need of work, etc. You may want or need to consider sweetening the deal. By being realistic about your home and how it may appear to buyers, you can come up with options that just might make buying your home more appealing. From covering closing costs, to purchasing a home warranty to cover repairs that might be needed, or doing a pre-sale home inspection, you may find yourself selling sooner, even if your house is not the prettiest on the block!